On January 28, 2016, The Wall Street Journal reported that
Swift's CEO, Jerry Moyes, pledged more than $600 million of his holdings
in Swift—a quarter of the company's outstanding shares—as collateral for
loans or loan-like contracts. This amount is more than the 10% limit on
the amount of personal Swift holdings that directors and senior officers
may pledge as collateral for loans, and the Board of Directors has
repeatedly granted Moyes extensions of time to meet this limit. When the
company's stock fell 52% in 2015, the fall triggered margin calls, which
Moyes sometimes dealt with by pledging more Swift shares.

On January 26, 2016, after spending $100 million on share repurchases in
November 2015 and January 2016, Moyes announced that he wanted Swift to
spend $200 million buying back more shares, a buyback that would retire
approximately 9% of Swift's stock, supporting its price and easing
pressure on Moyes's margin loans. Notably, Swift's stock is down by 40%
from a year ago.

Robbins Arroyo LLP is a nationally recognized leader in shareholder
rights law. The firm represents individual and institutional investors
in shareholder derivative and securities class action lawsuits, and has
helped its clients realize more than $1 billion of value for themselves
and the companies in which they have invested.

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